Why OPEC+ Delayed Its Planned Oil Production Increase

OPEC+ agreed to push back its December production increase by one month, the second delay to its plans to revive supply as faltering demand in China and swelling supplies from the Americas pressure prices. No reason was given for the delay. "Market conditions won out," said Harry Tchilinguirian, head of oil research at Onyx Commodities Ltd. "OPEC+ showed it couldn’t ignore the current macroeconomic economic realities centered on China and Europe, which point to weaker oil demand growth." OPEC Plus had first announced in June that it would…